OSFI releases new tenet for era and cyber chance, balancing innovation with chance control
OTTAWA, ON, July 13, 2022 /CNW/ – Lately, the Place of job of the Superintendent of Monetary Establishments (OSFI) launched its ultimate Tenet B-13. This tenet units out OSFI’s expectancies for a way federally regulated monetary establishments (FRFIs) must arrange era and cyber dangers akin to information breaches, era outages and extra.
The well-liked use of era and the rising charge of cyber incidents has created an pressing want for enhanced regulatory steerage to FRFIs on era and cyber chance control. OSFI’s ultimate Tenet B-13 supplies that steerage, whilst permitting FRFIs to compete successfully and take complete good thing about virtual innovation.
The Tenet is arranged round 3 “domain names,” each and every of which units out key parts for sound chance control: Governance and Chance Control, Generation Operations and Resilience, and Cyber Safety. In flip, each and every of those domain names features a desired end result geared toward serving to FRFIs perceive OSFI’s expectancies, that specialize in the “why” and “to what finish” of era and cyber chance control.
The general Tenet B-13 can be efficient as of January 1, 2024, to offer monetary establishments enough time to self-assess and make sure compliance with this new tenet.
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“With these days’s unlock of ultimate Tenet B-13, OSFI has crafted a versatile, principles-based way in opposition to managing era and cyber chance that takes under consideration the scale, nature, scope and complexity of economic establishments.”
– Jamey Hubbs, Vice-Superintendent
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About OSFI
The Place of job of the Superintendent of Monetary Establishments (OSFI) is an unbiased company of the Executive of Canada, established in 1987, to offer protection to depositors, policyholders, monetary establishment collectors and 401-k contributors, whilst permitting monetary establishments to compete and take cheap dangers. OSFI supervises greater than 400 federally regulated monetary establishments and 1,200 pension plans to resolve whether or not they’re in sound monetary situation and assembly their prudential necessities.
SOURCE Place of job of the Superintendent of Monetary Establishments
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